The merger was most likely now because they have to do it before the IPO. After the IPO, there’s a whole process to force independent evaluation and negotiation between two boards / executives, which would be an absolute dumpster fire where Musk controls both.
When they’re both private, fine, whatever.
First thing a public spacex would want to do is sell off all the non-spacex crap
A public SpaceX will still be run by Musk. A public SpaceX would have to sell assets like X for a huge loss given its debt load, which would also take a propaganda machine out of Musk’s hands.
They’re stuck with those assets.